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Covenant Transportation announces $58.08m share offering

Covenant Transportation announced that it has upsized and priced its previously announced public offering of its Class A common stock.

The company has priced its offering of 2,640,000 shares of its Class A common stock at $22.00 per share, amounting to a value of $58.08m. The offering adds a further 440,000 shares from the previously announced figure. The company intends to use the net proceeds from the offering to repay outstanding indebtedness and for offering expenses.

The offering is expected to close on or about November 25, 2014, subject to customary closing conditions. The underwriters have a 30-day option to purchase up to an additional 396,000 shares of the Company’s Class A common stock at the offering price.

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